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Achieving a Better Life Experience (ABLE) Act
The ABLE Act created a new Section 529A tax-free account for those whose with disabilities wishing to save for expenses without affecting their benefits. The ABLE Program accounts are intended to be easy to open. Qualified beneficiaries may only open one ABLE account, either in their home state or in states that offer nationwide accounts. Over 35 states have passed laws to authorize establishment of ABLE accounts. For states, Ohio, Tennessee, Nebraska, and Florida have started their programs as of August 2016.
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ABLE Accounts - What You Need to Know
This resource provides an overview of steps families can take to open an ABLE account. ABLE accounts are tax advantaged savings accounts for eligible individuals with significant disabilities. They are a new financial planning option for families of a person with a disability. Income earned on dollars saved is tax free when placed in an ABLE account. The funds in an ABLE account can be used to pay for expenses as diverse as housing, employment, transportation, healthcare and technology expenses.
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ABLE Act Improvements
Achieving a Better Life Experience Act (ABLE) was signed into law December 19, 2014. The new ABLE accounts will allow more individual choice and control over spending on qualified disability expenses and limited investment decisions, while protecting eligibility for Medicaid, Supplemental Security Income, and other important federal benefits for people with disabilities. Without these accounts, many people with disabilities have limited avenues to save and work toward economic independence.
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